Libyan oil and an Italian cruiser-heavy naval programme

If Libya found oil early in 1923, what Italian naval expansion would be likely?

Heavy cruisers are the likelier outcome than new battleships, because treaty rules left more room for them and oil still required exploitation before it became naval spending power.

The answer cautions that discovering oil in Libya is not the same as immediately gaining usable fuel, revenue, or naval capacity. Italy would still have to develop the field while balancing a navy against demanding land borders and other armed services. Rather than revive the older Francesco Caracciolo battleships, the most plausible investment under Washington Treaty rules is a larger force of nominal 10,000-ton cruisers. That choice would give Italy useful modern hulls while prompting the Royal Navy and other treaty powers to scrutinize their actual displacement closely.